continuously support and grow together with us. Commercial operation of ABPR4 From a total of 3 SPP power plants in Amata City Industrial Estate that have scheduled COD in 2018, ABPR4 is the second gas-fired

and Analysis EXECUTIVE SUMMARY SIGNIFICANT EVENTS Commercial operation of ABPR3 From a total of three SPP power plants in Amata City Industrial Estate that have scheduled COD in 2018, ABPR3 is the first

power plants that were fully developed and are in operation, namely (i) the inclusion of revenue from BPWHA1, located in Hemraj Industrial Estate, that started commercial operation dates on November 1

Page 1 of 7 Management Discussion and Analysis 1Q2019 Executive Summary Singha Estate Public Company Limited (“the Company”) reported 1Q19 Total revenue of THB 3,000m, increased by 167% YoY. The

Page 1 of 7 Management Discussion and Analysis 2Q2019 Executive Summary Singha Estate Public Company Limited (“the Company”) reported 2Q19 total revenue of THB 2,355m, increased by 147% YoY. 300

lease of real property and receives services, as follows: 1) Real property lease for not over 3 years 2) Location : Office building at No. 45/14, Moo 1, JKN Gallery Salaya (Building 2), Tambon Song

SHR MD&A 3Q19_EN Management’s Discussion and Analysis S Hotels and Resorts Public Company Limited S Hotels & Resorts, A Singha Estate Company | www.shotelsresorts.com Page 1 of 8 Management’s

S Hotels & Resorts, A Singha Estate Company 123 Suntowers Buliding B, 10th Floor, Vibhavadi-Rangsit Road, Chom Phon, Chatuchak, Bangkok 10900, Thailand +66 (0) 2058-9888 | contactus

– Translation – GRC-02/2020/026 12 November 2020 Subject: Establishment of New Subsidiaries To: President The Stock Exchange of Thailand Singha Estate Public Company Limited ("the Company") would

from the repayment of fully amortized debt from MDX Asset to our 2 subsidiaries for a total of THB 70.85 million and also repayment under the rehabilitation plan of Gateway Estate Co., Ltd. to MDX for